Savannah Energy Generates $192.5Mn In 10 Months

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Yemisi Izuora

 

Savannah Energy Plc, has announced $192.5 million total revenue for the ten months ended 31 October 2021 as against $180.2 million generated 31 October 2020.

The energy company which is sustainably developing high quality, high potential energy projects in Nigeria disclosed this when it announced the publication of an updated Competent Person’s Report (CPR) covering the Company’s assets in Nigeria.

Andrew Knott, CEO of Savannah Energy, said:”I am extremely pleased to announce the publication of our updated CPR covering the Company’s asset in Nigeria, showing a 27% organic increase in Group 2P reserves.

This progression shown in the heart of our business has been replicated in our financials as we maintain a positive year of growth with total revenues up 7% against the same period last year as we reiterate guidance for 2021.

Operationally we have successfully drilled and completed the Uquo-11 gas production well, below budget and at a significantly lower cost than previous Uquo wells drilled by our subsidiary company.

We look forward to continuing our positive progress through the rest of the year and we expect to update shareholders as to progress made in relation to the Proposed Acquisition (as defined below) when appropriate. We remain confident in our Company’s outlook.”

Savannah Energy also disclosed total Revenues of greater than $205.0 million from upstream and midstream activities associated with the Company’s three active Nigerian gas sales agreements and liquids sales from the Company’s Stubb Creek and Uquo fields;

Average gross daily Nigeria production in the year-to-date period ended 31 October 2021 was close to 22,000 barrels of oil equivalent a day, Kboepd, a 16 per cent increase on the average gross daily production of 19.0 Kboepd in same period last year.

 

Of the total average gross daily production of 21.9 Kboepd in the year-to-date period ended 31 October 2021, 88 per cent was gas, including a 16% increase in production from the Uquo gas field compared to the same period last year, from 99.5 million standard cubic feet of gas, MMscfpd (16.6 Kboepd) to 115.6 MMscfpd (19.3 Kboepd). Gas production levels are driven by customer nomination levels.

Also, Accugas commenced first gas sales to FIPL, an affiliate company of the Sahara Group, in November 2021 for the provision of gas to the FIPL Afam power plant.

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